Middle East

Oil prices rise without expecting increased production in Saudi Arabia – Middle East Monitor

Oil prices rose 2.5% on Friday after U.S. officials said Reuters The United States does not expect Saudi Arabia to increase oil production soon, after investors question OPEC’s ability to significantly increase oil production.

This statement is US President Joe Biden visits the Middle EastThe time has come when the surplus capacity of OPEC member countries is declining.

Brent crude oil futures were settled at $ 101.16 a barrel, recording a rise of $ 2.06 (2.1%). Meanwhile, West Texas Intermediate settled at $ 97.59, up $ 1.81 (1.9%).

Brent crude oil futures for the September contract rose $ 2.06 (2.08%) to settle at $ 101.16 a barrel.

The two indices recorded the largest weekly decline in about a month. This is mainly due to concerns early in the week that an imminent recession could curb demand.

read: The United States Needs Middle East Assistance to Achieve World Stability

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https://www.middleeastmonitor.com/20220716-oil-prices-rise-without-expectation-of-saudi-production-increase/ Oil prices rise without expecting increased production in Saudi Arabia – Middle East Monitor

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